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Soros: U.K. is approaching ‘Tipping Point’ as Brexit bites
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Loading...Economic reality is catching up with the U.K., where it is becoming clear that leaving the European Union will lead to lower living standards, billionaire investor George Soros said.
“We are fast approaching the tipping point that characterizes all unsustainable economic developments,” Soros wrote in an article published Monday on the website of the Project Syndicate news organization. “The fact is that Brexit is a lose-lose proposition, harmful both to Britain and the European Union. It cannot be undone, but people can change their minds. Apparently, this is happening.”
Although the U.K. economy initially defied predictions of an immediate slowdown after the surprise Brexit vote, signs are now emerging that consumer spending is faltering as the weaker pound drives up prices. Economists in Bloomberg’s latest monthly survey see inflation reaching 3 percent by the end of the year.
Source: Bloomberg
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